Equities researchers at Piper Jaffray (NYSE: PJC) dropped their target price on shares of Yingli Green Energy Hold. Co. (NYSE: YGE) from $4.50 to $4.00 in a report issued on Thursday.
The analysts wrote, “YGE continues to show cost leadership following 1Q12 earnings, helping offset a tough pricing environment. YGE reported 1Q12 revenue and EPS of $500m and ($0.29) vs. consensus of $429m and ($0.21). Excluding a $13.7m provision for import duties and an inventory provision of $3.4m, EPS would have been ($0.18) by our estimates. YGE now expects to lower its non-silicon costs below $0.50 by YE12 (in line with TSL), ahead of previous estimates of $0.56-$0.58 on improved manufacturing efficiencies and lower material costs, contributing to estimated total costs of below $0.70 by YE12. Ongoing cost reductions below the $0.60 level likely help offset lower ASPs (est. $0.98 in 1Q12), which we estimate drop into the low $0.70s by YE13.”
Shares of Yingli Green Energy Hold. Co. traded down 5.13% during mid-day trading on Thursday, hitting $2.59. Yingli Green Energy Hold. Co. has a 52 week low of $2.75 and a 52 week high of $9.33. The company’s market cap is $407.2 million.
Yingli Green Energy Hold. Co. last posted its quarterly earnings results on Wednesday, May 30th. The company reported ($0.24) EPS for the quarter, missing the Thomson Reuters consensus estimate of ($0.21) by $0.03. The company’s quarterly revenue was down 5.2% on a year-over-year basis. Analysts expect that Yingli Green Energy Hold. Co. will post $-0.11 EPS next quarter.
A number of other analysts have also recently weighed in on YGE. Analysts at Citigroup (NYSE: C) upgraded shares of Yingli Green Energy Hold. Co. from a “sell” rating to a “buy” rating in a research note to investors on Tuesday, May 1st. They now have a $6.00 price target on the stock, up previously from $3.00. Analysts at Barclays Capital (NYSE: BCS) initiated coverage on shares of Yingli Green Energy Hold. Co. in a research note to investors on Monday, March 19th. They set an “equal weight” rating on the stock.
Yingli Green Energy Holding Company Limited is a vertically integrated photovoltaic (PV), product manufacturer.
